Valuation is not fair. The smoothed 10 year P/E is 22x - that is 38% in excess of the historical average.

If NDR wants to use a forward P/E of 14x on EPS that are dependent on an environment such as the one we are in (i.e., China, Europe, rapidly rising input costs, weak US, austerity globally), be my guest.

I met with Tim this week in my office. He's been very right on the market from April 09. They did publish some concerning notes about a pullback for mid April. He's for sure expecting a pullback now (actually they have been expecting one for a month). The Crowd Sentiment Poll is extended at 69%. One thing Ned has been concerned about is earnings expectations which are very extended - typically the market does not do well with this condition.

Warning: require_once(/home/traders/public_html/wp-content/plugins/SK2/sk2_functions.php) [function.require-once]: failed to open stream: No such file or directory in /home/traders/public_html/wp-content/plugins/SK2/sk2_core_class.php on line 31